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of that corporation, kept by herself
under the direction of Mr. Carlisl2, to
show that the company had received
the money for these drafts.
In answer to the cross-examination
by Mr. Dominick, Mr. Tairant stated
that he had been assistant cashier
of the bank during the years 1906
1907, and 1908, during that time there
having been three cashiers, E. A.
Carlisle, F. N. Martin and J. H. Hun
ter. In 1908, Mr. Martin was cashier,
and Mr. Tarrant stated that Mr. Car
lisle's account had been overdrawn a
great deal of that time. In answer
to questions as to why he had cashed
these overdraft checks of Mr. Carlisle,
Mr. Tarrant stated that they were
signed by Mr. Carlisle who was presi
dent of the bank. Mr. Dominick
brought out testimony to the effect
that the checks were not signed by
Mr. Carlisle as president of the bank.
Mr. Tarrant was asked if Mr. Car
lisle was the only one indebted to
the bank, and replied that he did not
know about notes, but that there were
other directors who had overdrafts.
Mr. Tarrant stated also that the
disicount committee appointed from
the board had fuil access to the
books, though he did not recollect
any particular examination of them,
and said that he did not remember
having any instructions to turn down
these overdrafts checks. He stated
also that there had been some fric
tion between Mr. Hunter, a cashier,
and Mr. Carlisle, as president.
An examination of the bank books
showed no deposits to the account of
the Cold Point Granite company from
the date of the first of the drafts in
November, 1908, to the end of the ac
count. An examination showed also
that three demand notes of the gran
ite company were not on the "note
ledger" and Mr. Tarrant could not lo
cate them on the records of the bank,
but had no doubt that they were re
corded somewhere. The notes were
placed in evidence, however. He stat
ed also that Mr. Carlisle had said the
drafts which had been refused pay
ment, would be attended to. It was
also brought out in the testimony that
none of the employes of the bank were
bonded, though there appeared to have
been a move to that -end some years
previous.
Among the principal witnesses of
the forenoon was Mr. J. A. Black
welder, who was intimately connected
with the affairs of both thie bank and
of the Cold Point Griae company,
having been a director of both. He
was next sworn, and gave a history
of the organization of the granite
company. This had been formerly a
partership between Messrs. M. A.
Carlisle, J. D. Davenport, S. B. Aull
and J. A. Blackwelder, but was later
incorporated with a capital of $30,000,
at which time it appears that Mr.
George T. Bryan become a stockhold
er. These five stockholders, it de
veloped, each agreed to sign a note
for three thousand dollars, it being
estimated Athat the $15,000 would be
sufficient to pay the indebtedness of
the concern, and leave a slight mar
gin, the quarry having been already
opened. At this time Mr. Carlisle was
president, and Mr. Blackwelder secre
tary and treasurer.
It appears that only three of the
stockholders signed this note, and by~
means of a larger note, of the cor
poration as a whole, they were each
relieved of their individual responsi
bility in the matter. In May 1906,
about six months after the first elec
tion of officers, Mr. Blackwelder re
signed as secretary and treasurer, bu't
continued as manager of the affairs
of the company.
When questioned if the property of
the Granite company was worth Its
liabilities, Mr. Blackwelder hesitated,
and said it depended on how the mat
ter was considered. Considering the
opportunties and possibilities of the
company, the company was solvent,
in his opinion. The assets of the com
pany were enumerated and found to
aggregate about ten or twelve thou
sand dollars, and Mr. Cochrane, in
his efforts to bring out the alleged. in
solvency of the corporation, endeavor
ed to make the witness state that the
corporation owed about $15,000, with
assets of about ten or twelve thou
sand, at the outside. Mr. Blackwelder,
however, did not appear willing to
leave out the invisible assets of the
corporation.
The agreement between Mr. Mat
thews, and other directors to vote
their stock together to elect Mr. Car
lisle as president, for the year 1909,
which was made much of during the
two days preceding, was brought up,
and Mr. Blackwelder, who was stat
ed before to have brought the paper
to Mr. Matthews, was asked to explain
the circumstances. which he did.
Mr. Black-welder stated that during
the summer or fall of 1908 Mr. Car
lisle had told him that he was anxious
to get out of the press of business at
the bank, as his health was suffering.
and that he wished to retire. Some
discussion ensued as to who should
take the presidency, and Mr. Black
welder, later. following a promise to
Mr. Carlil to find someone, suggest
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1.00 Val
50c. Vai
Mayes'Bi
"HOUSE OF A TH
Cotton
We Are Prel
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Bagging and Ties
We Pay Ful Prici
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Will appreciate
Southern Col
L. wA. FLOY
d the matter to Mr. Matthews. The
greement was made with him, and
t was arranged that four directors
hould agree to vote their stock for
the election of Mr. Carlisle, it being
mderstood that he was to retire at
the end of ninety days, and that Mr.
Jatthews was to become president in
is place. Mr. Carlisle was forced to
resign before this time, however, on
account of bad health.
Mr. Blackwelder was cross-exam
ined by Mr. Dominick for the defense,
and the affairs of the Cold Point Gran
ite company were gone over agaim.
uring this, Mr. Blackwelder gave
figures to show the profit from such a
lant, and stated that he believed it
o be a good investment if properly
anaged, adding that he would rather
have this plant, if in good running or
der, than any cotton mill of equal
capital, in the State. He spoke of
the union of the banks, which had
been formed to operate the company.
t was stated also that three of the
five stockholders in the granite com
pany were directors in the National
Bank of Newberry, during 1908.
Mr. Blackwelder stated that he was
during 1908, vice-president of the
bank, and when asked if he had ever
investigated the overdrafts of Mr. Car
lisle and of the Granite company, he
stated that he had once gone into the
bank with the intention of "looking
around a little," but that the cashier
at that time, Mr. Hunter, had told him
that as he was not active in the man
agement of the bank, it would be the
best policy for him not to look into
the books. and he had not made a
second attempt. He did not remem
ber any report of the finance commit
tee in regard to these overdrafts.
The check of Mr. Blackwelder, for
$300, to Mr. F. P. McGowan, which is
alleged in the indictment to have been
falsely certified, by Mr. Carlisle as~
president, and which was brought out
ase Sale!
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aes 50c.
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Dok Store
ISAND THINGS."
Gnning
ared to Gin
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I overhauling our i
are now in good
demands. k
at a LOW PRICE
Sfor Cotton Seed
Guaranteed 2
your patronage
ton Oil Co. ti
D,Manager (
was now explained by Mr. Blackweld
er, at the suggestion of the defense.
After stating the causes which led
up to Mr. McGowan's having wanted
the cneck, and why he had promised
it, Mr. Blackwelder stated that the*
transaction took place in Mr. Car
lisle's office in the bank, on the 31st
of Decembeir, 1908. Mir. McGowan
wanted the check, in payment of cer
tain indebtedness, or notes, of Mr.
Blackwelder, and as the latter had not
then the money in the bank. upon
which to draw, he gave Mr. McGow
an a check for payment dated Jan
uary 2, 1909, under the knowledge
that the directors at a meeting held
that day, had declared a semi-annual
four per cent. dividend, which would
put to his credit, on the second of
January, sufficient funds to meet the
check. Mr. McGowan asked Mr. Car
lisle, who was present, to certify the
check, which he did, stating that Mr.
Blackwelder would have sufficient
funds on hand on the second to meet
the check, since the directors had
just declared the dividend, and Mr.
Blackweder's portion was known to
amount to above the amount of the
check. Accordingly the check was
certified.
When the second of January came,
stated Mr. Blackwelder, It was found
by the cashier that there were not
sufficient funds on hand to meet the
dividends, without touching the sur
plus of the bank, which it was not de
sired to do, and a special meeting of
the directors was called to take ac
tion on the matter. When these had
assembled, Mr. George Johnstone pro
posed the resolution that the divi
dends which were accruing to any di
rector should not be paid to him, but
were to be placed to his credit upon
any indebtedness he might have to
the bank. Though opposed by Mr.
Blackwelder, this resolution was
(Continued on page three.)
Ewart-Perry Co.
To govern selection by
fitness rather than price.
To give service rather
Finished H than to merely sell.
To offer the BEST at
Productsensible prices.
Product --i'oc
In a word, to establish a
in lthings, com- permanent institution in
which the women of New
pp rberry will place their con
from fidence
as we have done in our
"The Woman Clothing, etc., for men
This is the purpose of
Tour etlhing the Shoe
who cares"
w cares epartmnent for women.
NI
Kreppendlorf Ditmnan.
re
andW Doris Shoes ^Aof our shoes-s
entifically designedafe
fo wmnthe most modern fashions
- but with a reserve from
are pre-eminently so. -.------__ - extremes tha asuresthe
Complete Line of the best HlA1T Sr--c----e-s----einmet
______________ While luxurious in every
School Shoes a,,_._m.___ya_
for Boys and GIRLS. prohibitive in price.
"Just Right" Shoe for Men
REPORT OF
The Newberry Savings Bank
NEWBERRY, S. C.
At the Closelof the Business November 16, 1909.
Condensed From Report to State BanklExaminer
RESOURCES.LIALTES
Loans and discounts $269,495.25Cail$500.0 4
Furniture and Fixtures 2,275.00UnvdePrft27036
Overdrafts secured and unse-Deois20328
cured 1,758.60NoeanBilRdscnt
Bonds and Stocks 680.00 ed 6,000.00
Cash and due from Banks 59,437.65
$333,646.50 i 3366
4%l Paid On Savings Dpst
JAMES MCINTOSH,JE.NRO,
President. Cashier.
........ *. . .